The iconic American department store chain Kmart is closing its last full-size store in the United States located in Bridgehampton, New York. The store will officially shut its doors on October 20, as confirmed by an employee and Kimco Realty Corp which owns the shopping center where the store is located. While no specific reason was given for the closure, a smaller Kmart in Miami, Florida, will remain open but is significantly smaller in size. However, Kmart will still have stores in the US Virgin Islands and Guam that will remain open.
The history of Kmart dates back to 1899 when Sebastian Spering Kresge founded his first store, a five-and-dime in Detroit. By 1912, the S.S. Kresge Company had 85 stores across the US. The first official Kmart store opened in 1962 in Garden City, Michigan. By 1966, 162 Kmart stores had been established, quickly growing to become one of the country’s largest discount retailers. In 1977, the S.S. Kresge Company officially changed its name to K Mart Corporation. By the 1990s, Kmart had 2,300 stores and 350,000 employees, but financial troubles led to bankruptcy filings in 2002 and 2018, eventually merging with Sears Holdings.
As of 2019, Transformco, an Illinois-based investment holding company, owns Kmart and Sears after acquiring Sears Holdings assets. The closure of the Bridgehampton store marks the end of an era for Kmart in the US, leaving only a smaller location in Miami open for business. Despite its struggles in recent years, Kmart has a long and storied history in American retail, from its humble beginnings as a five-and-dime store in the late 19th century to its status as a major discount retailer with thousands of stores across the country in the 20th century.
The closure of the last full-size Kmart store in the US signifies the end of an era for the iconic department store chain. Kmart’s origins date back to the late 19th century when founder Sebastian Spering Kresge opened his first store in Detroit. Over the years, Kmart grew to become one of the largest discount retailers in the US, with thousands of stores nationwide. However, financial difficulties, including bankruptcy filings and mergers with other companies, have led to the closure of most Kmart stores in the US, with only a few remaining open in smaller sizes.
The closure of the Bridgehampton Kmart store raises questions about the future of the retail industry and the impact of online shopping on traditional brick-and-mortar stores. As more consumers turn to e-commerce for their shopping needs, physical stores like Kmart have struggled to compete. The rise of online shopping giants like Amazon has forced traditional retailers to adapt or face closure. Kmart’s closure is a reminder of the changing landscape of retail and the challenges faced by traditional department store chains in the digital age.
In conclusion, the closure of the last full-size Kmart store in the US is a significant moment in the history of American retail. The chain, once a major player in the discount retailer industry, has faced financial difficulties in recent years, leading to the closure of most of its stores. While a smaller location in Miami will remain open, the closure of the Bridgehampton store marks the end of an era for Kmart in the United States. The history of Kmart, from its humble beginnings as a five-and-dime store to its status as a major department store chain, is a testament to the changing nature of the retail industry and the challenges faced by traditional brick-and-mortar stores in the digital age.
